Tell the Trump Administration and Congress to fix PPP loans
AGC is again asking all members to call on the Trump Administration and Congress to clarify confusing guidance related to the Paycheck Protection Program (PPP) loan system. On May 5, the Trump Administration announced that it was extending the deadline for firms to return Paycheck Protection Program (PPP) loans by one week, from May 7th to May 14th. The decision comes days after AGC urged the administration to provide more time for firms to decide if they would return the loans. AGC made clear in an initial request for a deadline extension that the administration must clarify its vague and confusing guidance that requires borrowers to certify that ‘current economic uncertainty’ made the loan requests necessary and that they must also take into account their access to ‘other sources of liquidity.’ This unclear guidance from the Treasury Department and Small Business Administration, as well as inflexible rules governing the system written by Congress, threaten the ability of construction businesses to access, hold on to, and use PPP loans to protect construction jobs.
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